XRP has been attracting the attention of investors lately with both positive and negative news. In this news, we will examine the latest developments in the case between Ripple and the SEC, analysts’ price predictions, and how Ripple’s escrow activities affect the market.
Latest developments in the Ripple and SEC case
The long-running legal battle between Ripple and the SEC appears to be coming to an end. The judge recently granted the SEC’s request for an extension of time to submit summaries of possible remedies, pushing back the final decision by a week. This development, combined with the SEC’s deadline consistent with a possible U.S. government shutdown, has increased speculation about a possible solution. The XRP community remains optimistic, with the price rising over 8% in the past day.
Is XRP price ready to grow?
Leading crypto analyst Dark Defender predicted a price target of $1. Thus, it reignited the bullish sentiment around XRP. This prediction, combined with XRP breaking the $0.6 barrier and positive derivatives data, created excitement among investors. Although the $1 target is not immediate, the analyst expects XRP to reach $0.77 soon. He then expects a potential rise to $1.
Meanwhile, in another post shared earlier on X, the analyst had initially ruled out a very optimistic $1 target for XRP. In this post, Dark Defender claimed that the MACD is in an uptrend, continuing its move towards the Ichimoku clouds, potentially paving the way for XRP to $1.
Ripple’s escrow activity attracted attention
Ripple regularly unlocks 1 billion XRP from its escrow. He keeps some of it in his treasury and sells the rest. This month, Ripple unlocked 1 billion XRP worth $630 million. He also held 200 million worth approximately $126 million. Notably, Ripple will no longer use previous escrow addresses for future unlocks. It also offers a new address for the first time. This shows the potential for future price fluctuations as XRP being unlocked comes back into circulation.
Meanwhile, investors need to monitor the newly determined “Ripple (10)” and “Ripple (11)” accounts in April. Because these will hold the XRP being unlocked for future sales. These strategic sells significantly impact the short-term price movement of XRP. Additionally, Ripple has the potential to issue XRP beyond monthly unlocks as seen in February.
Overall, the news paints a mixed picture for XRP. Although the case is nearing its end and analyst predictions are promising, investors should be wary of possible price fluctuations due to Ripple’s controlled sales.
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